Look sharp. Wed Jan 5

My trading resolution is to be more nimble and decisive. I got out of Aru on the opening for 171.5 because there was no follow through buying and it's one of those situations where everyone is waiting for the music to stop. The stock is at 159 now and Lyc is down 11 at 219.
The other stop was in Ozl where the stock has failed to get through resistance: out at 170.5.

Mmx has started to accelerate as hoped and is 5% higher.

I've also gone long Telstra via calls at about the equivalent of 281. It has got through stiff resistance at 279 and has the potential to run - as the November rally showed - although it would depend on news concerning the broadband network.

12.45 There has been a decent sell off today. With no support from the stocks exposed to Queensland floods and then some selling in resources overnight, the index is now down 35 points. There was a sell signal on the last day of 2010 but I would expect there to be a lot of support from 4620 to 4680 since the index spent a lot of time there in September and October.

2.53 Asian markets haven't really followed our lead; there are falls of 0.1 to 0.3% but the Aussie index has dropped 0.7% and looks likely to test the lows after a fitful attempt to bounce.

I've been in two minds about Wsa but have held on to a long for a few weeks now, deciding to just stick with my price stop rather than using time as well. Anyway, they're performing ok today, up 7 at 611 and continuing a sequence of mildly higher lows within a trading range. Bought a few more earlier at 608 after a positive update.

 4.10 The fitful bounced restarted to leave the Asx 200 off by 28 points.

Mmx and Wsa, at 136 and 613, were reasonably strong at the finish.